NO FREEZE DEAL

Oil prices have not passed
their lowest point as shrinking supplies outside OPEC and disruptions inside
the group will not the erode global surplus, the International Energy Agency
said.

Production outside the
Organization of Petroleum Exporting Countries will increase by 450,000 barrels
a day this year, or 70,000 barrels a day more than estimated last month, the
agency said. Markets are also being supported by output losses in Iraq and
Nigeria, and as Iran restores production to a faster pace than planned
following the end of international sanctions.